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Business secretary Sajid Javid has outlined the government's aim of making the UK one of the best places in the world for companies to innovate.

With the aim of promoting growth for UK companies and to attract increased investment from overseas, the government has announced the launch of new Science and Innovation Audits that will help firms to map their strengths and weaknesses in terms of innovation to support future growth.

At present, the UK attracts the same level of overseas investment in research and development as Canada, Russia, Denmark, China, Finland and Japan combined. It is therefore a world-leading position that the nation finds itself in, but Mr Javid is keen not to allow this success to wane in the years ahead.

Mr Javid commented: "The UK is embracing new technologies and leading the world in innovation, but we must not be complacent and must look to the long term future of research and development to support our jobs and industries.

"By taking stock of our assets and supporting best practice and expertise, we will propel the UK to the forefront of the global innovation race."

The new Audits programme will enable the government to pinpoint specialist areas of expertise across the country and to invest accordingly to maximise these gains for the benefit of the nation as a whole.

In addition, the scheme will help to foster increased collaboration between universities, local businesses and other regional organisations.